There is No Timeline to Start Your Own Business: Any Age is the Right Age.
- Starting your own business is a difficult task.
- But achieving sustainable growth in your own business is even more difficult.
- To start your own business, you need an innovative idea, passion, and restless hard work.
- To sustain business growth, you need expertise, experience, and competitive advantage.
- Starting and sustaining your own business need the above ingredients together.
- Having all of them at one point in time is practically not possible.
- All these ingredients never exactly overlap the age timeline.
- Each stage on the age timeline has a unique combination of ingredients required to start and sustain your own business.
- Let us see which unique combination of ingredients are likely to be picked at specific stages on the age timeline.
Timeline Stage - 1: Early Twenties
- You are full of energy and enthusiasm.
- Being open to unconventional ways of doing conventional things, you dare to follow your dreams and ideas, high on risk-taking ability, and stamina to work for long hours.
- As a passionate youth, you have almost no overhead to run and no responsibility to fulfil.
- Your age and time allow you to take risks because you don’t have anything to lose apart from the opportunity itself.
- Being tech-friendly and adaptive, you tend to choose an emerging segment or create your product category, which does not exist.
- Largely tech and net-based startups have been founded by those who were in their early twenties.
- Mark Zuckerberg of Facebook, Steve Jobs of Apple, Bill Gates of Microsoft, Michael Dell of Dell, and Jaakko Lisalo of Angry Birds are some of the examples who have created a benchmark success in their early twenties.
- Some of these people have left their education and are dropped out of school/college.
- One of the prominent examples is Mark Zuckerberg.
- He is truly an inspiration for many youths across the globe.
- Hence proved that education and age is not the barrier to start and sustain your own business.
- It does not mean that you don’t need any formal education.
- One should remember that when Mark Zuckerberg decided to drop out, he had the Harvard tag with him.
- Starting and running your own business requires you to be multitasking as you are starting it from scratch.
- You may also need to stay up the whole night to meet the deadlines and prepare for the 9 AM pitch.
Timeline Stage - 2: Early Thirties
- There is a myth among people that you need to be in your 20s and drop out of some premium high tech university to start and sustain your own business.
- The early thirties is the timeline where you have completed your formal education.
- Based on your inclination, you have joined and worked with the company/industry.
- You have a blend of knowledge and skill; that is why it is also called a sweet spot for entrepreneurs.
- You are still energetic, and now you have added the know-how of the business.
- Due to rich experience and exposure, you have good market insight.
- Your initial struggle from the ground level has made you tolerant.
- You have kaizen focus on shoestring operation and execution.
- Because of additional responsibilities of personal life you are very cautious and calculative in your early thirties.
- Having a perfect combination of your industry experience, technological know-how, and high aspiration, you are likely to build a solution that is in an emerging product category.
Timeline Stage - 3: Early Forties
- With great exposure and networking, you are well familiar with the opportunity spot in the market.
- You tend to target the emerging need in an existing marketplace.
- Banking on your past experiments with the category you have new ways of doing things along with the tried and tested methods.
- Through wisdom and indulgence in the industry for a long time, you have developed an instinct that helps you make better decisions.
- You have the opportunity to utilise and leverage the learning of one channel or category in another one.
- This can result in extraordinary solutions and offerings.
- You have insight into what will work and what will not work for your category.
- You can crack the best deals with your tie-ups, networks, and reputation.
- You are still active, and you have become a domain expert in your early forties.
- This helps flourish your ideas into reality.
- Steve Jobs indeed started his own business at an early age, but if you see his flagship products like iPhone, iPad and iMac were launched when he was in his early forties.
- That means maturity plays an important role in understanding customer insight and market dynamics.
- Amazon, Cisco, Linkedin, Hitachi, P&G, Oracle, and Xerox are some of the best examples of businesses established by experienced entrepreneurs in their early forties.
Timeline Stage - 4: Post Fifties
- Some may argue that it’s too late, but your intellect, motivation, and brilliant ideas have no expiry.
- In fact, at this timeline, you have honed competencies, have stable sources of income, and past credentials to lure the investors.
- You have your say in vendors and suppliers with good rapport and credit.
- Your risk-taking capacity increases with time as you grow mature and confident.
- Though you may not have the same energy as earlier, you can buy them in terms of the right people and resources.
- You have realised your strengths now so you will only play on your strengths.
- With your expertise and knowledge, you may provide a business-launching platform for other businesses and get a return on your established setup.
The Different Ages of Success
Here is a list of some of the most remarkable founders and their business ventures to help you better understand why every age is the right age to start your own business:
- So there is no right age to start your own business, and you can also say there is always a right age to start your own business.
- The decision of starting your own business has to be influenced either by the opportunities visible around you or by your readiness to hunt for the new opportunities.
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